Knowledge Points about The Life Raft Container

Market Status--Global Market Size and Growth

The global life raft hull market is showing a steady growth trend. In 2023, the global ship life raft market size reached 2.45 billion yuan (RMB), and is expected to increase to 3.139 billion yuan by 2029, with a compound annual growth rate of about 4.3%. As the core component of life rafts, the raft container market size accounts for about 30%-50% of the overall life raft market. 

The Chinese market performed particularly well, with a size of 279 million yuan in 2023 and an annual growth rate of more than 9.5% in the next five years, mainly benefiting from the shipbuilding upgrades and offshore oil and gas development needs driven by the "Belt and Road" initiative.

Regional market structure

• Asia Pacific: Dominant, with a market share of 47% in 2030. The capacity expansion of major shipbuilding countries such as China, South Korea, and Vietnam and the surge in maritime trade in Southeast Asia are the core driving forces. East China and South China contribute more than 70% of the country's life raft hull capacity due to the shipbuilding industry cluster effect.

• Europe: North Sea oil and gas field development and the recovery of the cruise industry drive demand. Germany, Norway and other countries dominate the high-end market. In 2024, the Western European market size will reach US$630 million, and rigid life rafts will account for more than 35%.

• North America: Deepwater drilling activities in the Gulf of Mexico have increased, and the demand for special life rafts has increased significantly. The market size will be US$510 million in 2024, of which platform-specific raft hulls will account for 42%.

Distribution of application areas

• Merchant ships: account for the largest share (42.3%). The International Maritime Organization (IMO) requires merchant ships to be equipped with life-saving equipment that complies with the SOLAS Convention, which promotes the demand for rigid and self-righting raft hulls.

• Fishing boats: China, Norway and other major fishing countries have implemented the "must-have" policy. In 2024, the global demand for raft hulls for fishing boats will reach 83,000 sets, and the Southeast Asian market will account for more than 50%.

• Offshore platforms: The demand growth rate in the North Sea, the Gulf of Mexico and other regions is significant, and the proportion will increase to 19.5% in 2024. The platform-specific raft hull needs to be resistant to high pressure and corrosion, and the unit price is 40% higher than that of ordinary products.

Emerging markets and expansion of sub-sectors

• Polar and deep-sea scenarios: The commercialization of Arctic routes has spurred the demand for special rafts that can withstand temperatures as low as -50°C. The market capacity is expected to reach US$800 million in 2029, and the test procurement volume in Russia's Far East will increase by 240% in 2024.

• Offshore wind power operation and maintenance: The number of wind power operation and maintenance ships worldwide is expected to reach 620 in 2030. Special rafts need to adapt to frequent lifting and salt spray environments, and the unit price is 30% higher than that of ordinary products.

• Leisure and emergency scenarios: Southeast Asia's water tourism industry has driven the demand for small portable rafts. The procurement volume of rafts for leisure yachts in Vietnam, Thailand and other countries has increased by 25% annually.

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